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The deal was approved by the Brazilian Administrative Council for Economic Defence with the condition that the buyer will refrain from making any rival acquisitions for a minimum period of 30 months.

HSBC said that the sale represents a key step in its goal to optimise its global network and minimise complexity.

The deal is projected to reduce the group’s risk weighted assets by nearly $37bn and boost its common equity tier 1 ratio by 65bps, the British lender added.

The $5.2bn all-cash deal, which was announced by HSBC in August 2015, is expected to be completed early in July.

HSBC Brazil offers a range of products across retail banking, commercial banking, global banking and markets and private banking. The bank has 4.6 million customers, 21,000 staff and 851 branches. As at 31 March 2016, the bank managed total assets of $45bn and total equity of $3bn.

Bradesco offers numerous products and services in retail, corporate and investment banking, as well as also operates the largest insurance business in Brazil. The company oversaw total assets of $309bn and total equity of $26bn as at 31 March 2016. The company has 25.6 million account holders, 91,000 employees and 4,509 branches.